Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Complete the ratios listed based on the following Income Statement and Balance Sheet. ABC Company Income Statement Sales Cost of Goods Sold Gross Profit
Complete the ratios listed based on the following Income Statement and Balance Sheet. ABC Company Income Statement Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses Administrative Expenses Total Operating Expenses Operating Income Interest Expense Net Income before Taxes Income Tax Expense Net Income after Taxes Current Assets Cash Accounts Receivable Inventory ABC Company Balance Sheet Total Current Assets Non-Current Assets Machinery & Equipment Furniture & Fixtures Transportation Equipment Accumulated Depreciation Total Non-Current Assets Total Assets $50,000 $$5,000 $1,000,000 $750,000 $250,000 $135,000 $115,000 $17,500 $97,500 $34,125 $63,375 $5,500 $21,000 $17,500 $44,000 $100,000 $15,000 $25,000 $17,500 $122,500 $166,500 Last Year $900,000 $650,000 $250,000 $127,000 $123,000 $17,500 $105,500 $36,925 $68,575 $4,950 $18,900 $15,750 $39,600 $90,000 $13,500 $22,500 $15,750 $110,250 $149,850 Quick Ratio Current Ratio Accounts Receivable Turnover Inventory Turnover Net Profit on Sales Gross Profit Margin Return on Assets Return on Equity Working Capital Debt to Equity Times Interest Earned Current Liabilities Accounts Payable Notes Payable Wages Payable Current Liabilities Non-Current Liabilities Long-Term Notes Total Liabilities Stockholders' Equity Retained Earnings Common Stock Total Equity Total Liabilities & Equity $25,000 $15,500 $1,200 $41,700 $27,000 $68,700 $65,000 $32,800 $97,800 $166,500 $22,500 $13,950 $1,080 $37,530 $24,300 $61,830 $58,500 $29,520 $88,020 $149,850
Step by Step Solution
★★★★★
3.41 Rating (160 Votes )
There are 3 Steps involved in it
Step: 1
Quick Ratio 440001750041700063549 Current Ratio440004170010551 Accounts Receivable Turnove...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started